Archive: January 31, 2023

Budget 2023: What the Indian Fintech sector want from the government.

-S Anand, the Chief Executive Officer and Co-Founder of PaySprint

“India boasts a staggering 87% adoption rate of fintech, significantly greater than the global average of 64%. Consequently, the Indian Fintech industry is set on a steep growth trajectory, expected to reach Rs 9.2 billion at a CAGR of 24.96% between 2022 and 2027. Supported by the robust startup ecosystem, the Fintech industry is shaping up to be a solid contributor to the nation’s GDP.

Additionally, the Fintech sector is frontlining the cause of Financial Inclusion in India & the sector expects initiatives that will strengthen the relationship between Fintechs & Banks. This will most certainly encourage continued innovation & help extend the reach of financial services to the unbanked population.

More expected measures that will boost the Fintech landscape are discussed below :

Tax relief for growing Fintech startups:

Fintech startups are hopeful for GST exemptions until a certain level of revenue is achieved. Liberalisation of the tax structure along with depreciation on the fixed assets used by Fintechs, can go a long way in promoting advancement. Announcement of tax benefits for research & development activities would bolster the ideation & execution of differentiating financial products & services for the masses.

Continued push for Digital Payments:

The recent Budgets introduced several incentive schemes to promote digital payments & we expect the momentum to continue in this year’s Budget. The UPI has augmented India’s payments & collections infrastructure and has penetrated the unserved & underserved population in semi-urban & rural regions. New guidelines regarding the UPI transaction cost will be a major development, providing a much-needed impetus to the sector’s expansion.

Tax relief for Fintech startup employees:

A strict qualification criteria accompanied the tax benefits introduced in the previous Budget. It aimed to resolve the dual taxation issue but most startups could not reap the benefits. ESOP holders in Fintech Startups can really gain from tax being levied on the sale of shares rather than on the exercise of ESOP.

Revised regulations for Fintech players & startups:

Conscious revision of the regulations will help establish an enabling environment for Fintechs to function & evolve. We expect to see regulations regarding the digital currencies & how they will take shape in the workings of the industry.

Data security:

Digitalisation has also given rise to various security threats such as data breaches, data loss, account hacking among others. Enhancement of data security measures is imperative & we expect the upcoming Budget to facilitate the same.”

Factors Influencing the Market Value of Pre-owned Luxury Cars

By Mr. Sumit Garg, Co-founder and MD of Luxury Ride

At a time when markets across the world were disrupted due to the pandemic, India witnessed a steep surge in the demand for pre-owned luxury vehicles. The brisk emergence of digital platforms further contributed in influencing the market value of pre-owned luxury cars by easing the buying process for customers. Along with this, various other factors have been cumulatively driving the popularity of pre-owned luxury cars as well. Customers have been undergoing behavioral change which is influencing the market of pre-owned luxury cars.

Additionally, the rise of the millennial group as potential consumers, showing a great inclination to own a luxury car without disturbing their financial stability has been adding to the value of pre-owned luxury cars. Interestingly, the pre-owned luxury car market is penetrating deeper into the market by expanding beyond the metro cities and eventually targeting tier II and III cities as well. Various big players are investing aggressively to establish infrastructure and logistics to enable this expansion.

According to a survey by CRISIL, the new car market in India is expanding at a CAGR of 10% against the pre-owned car market expanding at a rate of 15%. Within this, the demand and supply of pre-owned luxury cars have registered a significant increase in the first half of 2022.

The pre-owned luxury car dealers are integrating the best possible services in their offering to assist customers to purchase the preferred luxury vehicles within their price range. Let’s have a look at some of the other factors that are escalating the value of pre-owned luxury cars.

1) Global semiconductor shortage:

Due to the impact of COVID-19, the supply of semiconductors faced challenges. The global market witnessed a significant decline in the purchase of new cars. Considering the long waiting periods which at times lasted for 6 months to 1 year coupled with price hikes, the consumers shifted their attention towards pre-owned cars for their affordability and uncompromised performance. The pre-owned luxury cars also rode this favorable wave and offered a wide range of benefits with upgraded features to cater to the demands and aspirations of customers while also addressing the issue of semiconductor shortage.

2) Proportional car manufacturing

At present, the cars produced by OEMs are directly proportional to the demand in the market. Where previously cars were produced in surplus, discounts were offered to support the sales of the car. But with a limited number being manufactured the cars were sold at their original price. As this resulted in price hikes for new cars, customers were encouraged to buy pre-owned luxury cars.

3) Shift in consumer preferences:

Consumer preferences have come out to be a major reason for influencing the market value of pre-owned luxury cars. The increase in demand has increased the sales of pre-owned luxury cars with time. Customers today are aware of the high depreciation rate of new cars which loses 30% of its value in the first year itself. As a result, buyers are preferring pre-owned cars over new cars after analyzing the value and future worth of vehicles in the market. In addition to this, the duration of car ownership has drastically decreased over the years. Previously, customers used to own a car for six to eight years, which has now significantly decreased to four years. Looking at the trend, it is estimated that in the upcoming years, the ownership period will scale down to 3.5 years. Owing to the shortening in the ownership period, pre-owned luxury cars are witnessing an increase in demand.

4) Rise in economic status:

With time, the increase in individual disposable income has opened the luxury car market for a new consumer base previously dominated by high net-worth individuals (HNIs). Today, it is common for people to harbor a desire to own a luxury car. This change in lifestyle has been an instrumental factor in driving the popularity of pre-owned luxury cars.

Previously customers already owning premium sedans like the Toyota Corolla or the Honda Civic are shifting to pre-owned luxury cars. The pre-owned luxury segment of Mahindra First Choice Wheels itself has been witnessing an increase in market share from 5% to 10% every month. Even SUV owners in the price bracket of Rs 15-20 lakh are upgrading to pre-owned luxury cars.

5) Comparatively less cost:

Buying a pre-owned luxury car saves a lot of money, as compared to the new luxury cars. The costs are always on the higher side, which declines the potential of many consumers buying luxury cars because of the high ticket size. Apart from this, organized car players provide a lot of ancillary services which helps in the smooth buying of a pre-owned luxury car. It saves people from paying the taxes which have already been paid by the first owner and the new buyer is just required to pay the transfer fees.

6) Ease in buying

The emergence of organized industry players in the segment offering end-to-end services under a single platform are winning the trust and loyalty of the customers. Where there was a time when people were highly skeptical of purchasing a pre-owned car, today consumers are flocking to these pre-owned luxury car dealers for their reliable facilities and services. It has been a major factor in driving the market value of pre-owned luxury cars.

Budget 2023 Expectations quote by Mr. Manish Mishra, Partner, JSA on Budget 2023 Indirect Tax Expectations

“From an Indirect tax perspective, it is widely anticipated that the Government may bring in Amnesty schemes for settlement and resolution of pending Customs and GST litigation. This coupled with a definitive and time-bound commitment towards constitution of GST Appellate Tribunals would be affirmative steps towards clearing past litigation and providing speedier dispute resolution. The Budget is expected to further the Make-in-India initiative by reducing the customs duty rates for components/ parts/ raw materials whereas simultaneously hiking the Customs duty rates for finished goods to curb imports in some of the key sectors including Electric Vehicles, renewable energy and manufacturing. Conditions/ restrictions with regard to availment of GST credits may be relaxed to allow availment of credits on certain key spends by organizations such as employee and health insurances etc.”- Mr. Manish Mishra, Partner, JSA on Budget 2023 Indirect Tax Expectations.

Sun Stellar to exhibit at India’s Leading Exhibition Int-Ext Expo in Ludhiana

Sun Stellar are the manufacturers in the area of Solar Thermal and plastic Free water storage, Sun Stellar is all set to exhibit the high performing and competitive products at India’s leading exhibition on interior, exterior and building material Int-Ext Expo (Interior Exterior Show) from February 3, 2023 to February 6, 2023 at Ludhiana Exhibition Centre (LEC) G.T Road, Sahnewal, Ludhiana.

Int-Ext Expo is India’s leading trade fair for architecture, building materials, Interior and exterior, art and design. Every year, the platform witnesses the finest national and international brands, eminent architects, real estate developers, equity investors, builders, engineers and designers from India and around the world. Keeping in line with the vision to always curate the most profitable platform for businesses, Int-Ext is crafted to ensure guaranteed returns on investment with increased sales, brand visibility, and community engagement, along with revolutionary avenues of networking.

Expressing his thoughts, Karan Taluja, Director, Sun Stellar (Mehar Enterprises) says, “Sun Stellar aims to improve new India’s lifestyle by focusing on a lower energy footprint and a strong emphasis on wellness of the planet with the use of Renewable energy products and shift towards a sustainable lifestyle based on the usage of renewable energy to avail maximum health benefits and a better standard of living. Our products are made from the highest quality of raw material. We are hoping that exhibiting at Int Ext Expo helps us in making our products reach a wider audience”.

Some of the products under the brand’s portfolio that will be exhibited at the expo are Water softener and water treatment solutions, Stainless Steel water tanks, heat pump water heaters and solar water heaters.

Altigreen Propulsion Labs wins the IET India Mobility Award 2022

Bangalore, 31 January 2023: Altigreen Propulsion Labs, a leader in Electric Vehicle technology for commercial cargo Last Mile Transportation vehicles, was honored with the IET India Mobility Award 2022 by The IET (Institution of Engineering and Technology) India, a global engineering body at the forefront of innovation, advocating and leading technology used for positive social impact. The firm has conferred the award in recognition of their solutions to reduce carbon footprint and advance the Sustainable Development Goals. The felicitation was done by Shri Suresh Prabhu, Former Union Minister with 10 Portfolios and 6 Times Members of Parliament at the IET India’s Future Tech Congress 2022.

Altigreen Propulsion Labs has optimized its vehicles for high efficiency and maximum regeneration even in high-traffic density areas. With new modes, the firm has not only disrupted the mobility space but has also leveraged new business models. The drivetrain of Altigreen has an electronics architecture that was created to maximize operational capability. The vehicles’ guided battery packs and Battery Management System deliver optimum performance, extended life, energy stability, robust construction, and safety. Additionally, the company has created an ecosystem of suppliers and vendors as a Made in India product.

“Mobility is a matter of national priority for India and Altigreen’s technology is specifically designed for Indian environmental and commercial conditions. Their persistence and passion in transforming the automotive and mobility landscape in India truly earn the organization the coveted title of IET India Mobility Award 2022. They have disrupted the traditional mobility space in more ways than one and it continues to be at the forefront in ensuring affordable, reliable, and clean energy for all”, says Shekhar Sanyal, Director and Country Head of IET India.

The IET India awards aim to reward and recognize engineering excellence across the Indian engineering landscape. The first edition of the IET India Awards was successfully concluded in 2021, in celebration of 150 years of the Institution of Engineering and Technology. Now in its second edition, the institution received a large number of entries from individuals and organizations across the country. The awards were conferred across seven categories – IET India Lifetime Achievement Award, the Young Woman Engineer Award, The Youth Engineering Icon, IET India Volunteering Award, IET India Mobility Award, IET India Engineering the Future of Work Award, IET India Future Tech Award. The next edition of the awards will be announced in June 2023, and further details will be available on the official IET India website and social media handles.

SquareFoot Outdoor Flooring – A beautiful, elegant and durable flooring can uplift one’s décor like nothing else

Everyone enjoys having a deck outside their home where they can unwind and spend time with their loved ones. Even though natural wooden decks are aesthetically pleasing, the fear of it getting affected by weather, colour fading, splitting can become a major issue, restricting your flooring options. SquareFoot is a one stop destination to experience floors without having to worry about mishaps while also experiencing a sophisticated product. They offer a large decking range including Ipe natural wood decking, Java Teak decking, composite decking and our technologically advanced co-extrusion decking which offers elegant, resilient, low maintenance products with a stunning appearance and classic charm of natural wood.

SquareFoot co-extrusion deck is the ultimate in durability and one of the toughest co-extruded composite decking ranges available. Its resilient protective cap made of advanced polymer resists scratches, fade, mould, and mildew, and is exceptionally low-maintenance, with only the most basic of cleaning required for optimal longevity. Co-extrusion deck offers decay and weather resistance with top protection from biodegradation, insects, and harsh weather. Its streaked colour variation provides a natural look that embodies the essence of timber. Enjoy the stain and slip resistance of this environmentally friendly alternative to timber, which is holistically sustainable from its manufacturing to its use of raw materials.

The elegance and inimitable warmth of natural wood is combined with the convenience and durability guaranteed by their exclusive technology. SquareFoot outdoor flooring is made up of a combination of bamboo fibre, high-density polyethylene and chemical additives, making them recyclable and eco-friendly. The product is available in two varieties viz tile deck and long deck; in a wide range of sizes and patterns, which have been designed to meet all your needs. SquareFoot outdoor floorings are designed ergonomically to create a non-slippery surface with a good grip for wet areas like pool sides, gardens and parks and can also be installed as a composite deck flooring at a beach.

Mr. Gaurav Saraf, Jt Managing Director, SquareFoot says, “We assure you that our flooring is the most versatile and will suit every project. By combining modern technology and design, you can achieve an ethnic and realistic look. Our Co-extrusion deck floors have been specially seasoned and treated to ensure long-term use in all outdoor areas.”

SquareFoot gives you an all-in-one, easy-to-install, versatile product which is needed to maintain feasibility, convenience and style. It can also be installed over existing surfaces. The designed tiles can be removed and stored in winter. The deck floor tiles are low maintenance and can be used without damaging rental properties.

SquareFoot meets all your design requirements while keeping up with the volatility of your dynamic tastes to help you achieve the flooring that you seek.

The outdoor flooring range is displayed at SquareFoot showrooms in Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chennai, Coimbatore, Goa, Guwahati, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Patna, Pune and Surat.

International Yoga Festival 2023′ becomes a central attraction at Bharat Parv

New Delhi: The International Yoga Festival (IYF) 2023 to be held in the coming March is the major center of attraction at the stalls of the Uttarakhand Tourism department at Bharat Parv. Bharat Parv is a six-day cultural festival and a government of India initiative being organized at the Red Fort in the national capital. Bharat Parv is also showcasing the cultural heritage of Uttarakhand. A large number of people coming to the festival are showing interest in it.

The Bharat Parv was officially inaugurated on Republic Day, 26 January 2023, and has been open to the general public since Friday, 27 January. The Tourism Department of Uttarakhand is attracting people with the Uttarakhand theme pavilion & food & handicraft stalls at the Bharat Parv. To promote the International Yoga Festival (IYF) 2023 to be organized in Rishikesh, exhibitions on it have been also included at this event. A selfie point has been made on this theme. There is also a free registration facility for those who would like to participate in the International Yoga Festival.

Between March 1 and 7, 2023, the Uttarakhand Tourism Department will host the International Yoga Festival (IYF) 2023 at the country’s yoga and spiritual capital Rishikesh. The International Yoga Festival will feature a variety of yoga sessions led by Yogacharyas from renowned yoga schools all over the nation, including the Isha Foundation, Kaivalyadhama, Krishnamacharya Yoga Mandiram, Art of Living, etc. There will be free medical sessions and pulse tests by Ayurvedacharyas at the Yoga Festival with consultation sessions by experts for the participants of Yoga Mahotsav. Additionally, the Yoga Mahotsav will feature cultural performances including evening aarti, classical bhajan sandhya, folk music, folk dance, etc. To ensure the arrival of the maximum number of foreign tourists in the Yoga Festival, the tourism department has announced the incentive program for tour operators, under which each tour operator will receive an incentive amount of 10,000 and a maximum of 5 lacks for booking each foreign tourist.

The Uttarakhand Tourism Department conducted a cultural evening today at Bharat Parv, where attendees were delighted by folk dances and music and given an introduction to the Devbhoomi cultural legacy. Additionally, local cuisines can also be enjoyed at the stalls of Uttarakhand. The majority of these delicacies, such as Jhangore Ki Kheer, Mandwe Ki Roti, Gahat Ke Paratha, Kumaoni Raita, Til Ke Laddoos, Roasted Buttermilk, Baal Mithai, Bhang and Mango Chutneys, Urad Dal Pakodas, Gahat pulses (kulich), etc., are centered on the International Millet Year 2023..

At the handicraft kiosks, the state’s handmade art products are also on show and for sale. These handicrafts include ceramics, aipan art, souvenirs of Badrinath and Kedarnath, blankets, mats, ropes, and garments made from the fibres of local plants and trees.

Budget Expectation: Raj Patil – Chief Executive Officer & President, Orion Innovation on Budget expectations

On February 1, the Union Budget for 2023–24 is scheduled to be presented in Parliament by Finance Minister Nirmala Sitharaman.

India progressively expands to become a digital capability hub, and with that comes a lot of expectations towards the sector hoping to contribute towards the growth, herein are some expectations, we would like our finance minister to thereby look into

● Introduce tax breaks in GST and TDS for Fintech to expand and deliver the impact of government schemes.

● Bring Service Linked Incentive Schemes like Production Linked Incentive Schemes to improve the workflow.

● Focus on supporting infrastructure and internet penetration in Tier 2 and Tier 3 cities.

● Simplifying the permissions process to facilitate remote working.

● Launch Initiatives and incentives to make-in-India software products and platforms.

Education and Healthcare are the primary sectors for the future of any country.

On Healthcare, we urge the finance minister to:

● Allocate funds for digitization in the healthcare sector e.g. telemedicine / virtual care solutions, referral management systems, Personal Health Records/Electronic Health Records (PHR/ EHR).

● Increase Tax benefits on preventive health check-ups.

● Ensure Health Insurance for India’s Missing Middle Age population.

● To establish an extensive healthcare infrastructure fund.

● Fin ministry should support healthcare by reducing taxes on medicine and hospitalization costs.

● Government hospitals should have start-of-the art facilities, excellent doctors & paramedics by investing in the same which will help society.

● Rural health should be given priority and need to focus on digital transformation in that area so that we can have a healthy society using the data that will be available to the health ministry to address any issues at the right time.

On Education:

There needs to be constant support in training and upskilling the teachers in the country. The government needs to support & incentivize them to get them motivated and do a great job producing excellent students.

● The government should help create good school infrastructure and reduce taxes for the same.

● Essential funds need to be allocated to talent development and digital skilling, including schools and universities.

● Smart schools with AR&VR should be introduced by funding the schools under them.

● Incentivise private players (by reducing/ making tax-free) to help in creating better infra and other teaching & evaluation tools to measure the real performance of both the students & teachers.

Since key trends and demands largely revolve around digitalization here are some important perspectives on the upward growth

● encourage investment in R&D, Technology Solutions, and Digital Programs.

● cybersecurity should be promoted in all sectors, especially in Healthcare and BFSI.

● upskilling to ensure new age technologies – AI, ML, Cloud services.

● educating the youth through the Skill India program to ensure essential talent building.

● providing huge tax benefits to start-ups and others for creating tools using IoT and AI.

Here’s How Beyond Key Supercharging Businesses Globally With Technology

Technology is quickly changing how businesses work, and businesses in all fields use it to make themselves more efficient and productive. One such is automation, one of the most critical technologies that helps businesses. Beyond Key’s automation is assisting firms in streamlining their processes and reducing the amount of work that must be done by hand. This saves money, makes tasks more accurate and consistent, and saves time.

For example, companies in the manufacturing industry are using robotic automation from Beyond Key to do tasks that are done repeatedly, like putting together products or packaging them. This not only makes the workers more productive, but it also makes them safer.

Using big data and analytics is another way that Beyond Key is helping businesses. With the rise of the Internet and the increasing number of devices that can connect to it, businesses can now collect and analyze vast amounts of data. Companies can use this information to learn more about how customers act, how the market is changing, and other essential things that can help them make better decisions.

Retailers, for example, use data analytics services from Beyond Key to ensure that products are in stock when customers want to buy them. This not only makes more money, but it also makes it cheaper to store and move inventory.

Beyond Key is also making it easier for companies to talk to each other and work together. With the rise of cloud computing and collaboration tools, employees can now share information and work together from different places. This lets businesses perform better by getting rid of geographical barriers. For example, consulting and financial services companies use Microsoft Teams to talk to clients and coworkers worldwide.

Furthermore, Beyond Key is also making it easier for companies to give better customer service. With the rise of chatbots and AI, companies can automate customer service tasks like answering frequently asked questions and sharing information about their products. This lets businesses provide customer service 24 hours a day, 7 days a week, even when no human representatives are available.

Technology from Beyond Key is also helping companies improve how they manage their supply chains. Businesses can now track the movement of goods and materials in real-time thanks to Beyond Key’s Internet of Things (IoT) services and sensors and tracking devices.

This lets companies improve their supply chains and make their logistics work better. For example, logistics and transportation companies use GPS tracking and RFID technology to improve the accuracy of their delivery times and lower the cost of transportation.

Overall, technology is becoming a more critical part of helping businesses in all fields become more productive and efficient. Using technology, Beyond Key is giving businesses the tools they need to stay competitive in today’s fast-paced business world. This includes automation, big data analytics, better communication, and better customer service. As technology keeps improving, we expect to see even more ways that it helps businesses grow and improve their operations.

Hungama launches its latest 15 episode podcast series ‘Good Night’, a scintillating horror audio experience

India 3 1 January 2023: Podcasts are rapidly emerging as the preferred choice of entertainment among the audience owing to the quality of content and engaging storytelling. Hungama, one of the leading music streaming services in the country launches its original podcast ‘Good Night’, a 15-episode journey of spine-chilling stories that will keep you at the edge of your seat. Created and directed by Bulletproof Studios, the podcast introduces an unique, experiential, and immersive catalog of stories for the listeners, ensuring a holistic audio entertainment experience.

Each episode features a distinct story that will have every horror enthusiast’s heart racing. A camera that holds a terrifying secret, a notebook that can kill, black magic, murder, a too-good-to-be-true trip to Goa, and a fortune prediction among more such shuddering stories will keep every listener hooked. The podcast is live from 27^th January 2023 only on Hungama. Catering to a diverse audience and larger demographic, Hungama is curating a library of content that will be available to listeners soon.